In November, the price of silver in the international market rose by more than 9%, while the price of spot gold rose by only 3.8%, and the S&P 500 index rose by 4.25%. Commodity market experts said the depreciation of the U.S. dollar and the nearly 4% drop in U.S. 10-year Treasury yields from a 16-year high of 5% have caused gold and silver prices to spearhead into the ongoing recovery.

Strong industrial demand for silver driven by Chinese consumption helped silver outperform major benchmarks and gold in November 2023. After a period of consolidation, silver established a critical base in the $21 to $20.50 per ounce range before experiencing an uptrend.

Additionally, geopolitical tensions such as those in the Middle East create demand for the safe havens, first and foremost, gold and silver. But, unlike limited industrial applications of gold, silver is also a broader use industrial metal, and rising demand from industries such as 5G technology, solar panels and electric vehicles has been reflected in sharp price increases. Strong festive demand in India and China further pushed up prices.